Massachusetts Mutual Life Insurance Company has expanded its retirement income product menu.
MassMutual, Springfield, Mass., has introduced the MassMutual RetireEase single-premium fixed immediate annuity and the MassMutual RetireEase Select single-premium immediate variable annuity.
The fixed annuity is available in all U.S. jurisdictions in New York, and the variable annuity is available everywhere but New York and Oregon, MassMutual says.
The RetireEase fixed annuity contract offers a range of life and period-certain payout choices along with a free, optional inflation protection feature that can increase payments by up to 4% per year, MassMutual says.
The RetireEase Select contract offers a list of 40 variable investment choices, a fixed account, asset allocation models and several income-payment methods, MassMutual says.